Best Savings Accounts in Malaysia 2017


saving account

If you have been keeping track of the many savings tips and habits that we have recommended in previous articles, you could be accumulating some savings by now. To really make the most of your extra capital, you want to get the highest return possible.

You can either choose to invest in your EPF or invest in the stock market, but if you want a safe and flexible option, then a savings account might be the most straightforward choice. Savings accounts give you a stable return on your investment and are conventionally always accessible, as opposed to a fixed deposit.

The defining factor in comparing savings accounts is the interest rate that you will receive on your deposit. To help you out, we have done a comparison of the best savings accounts in Malaysia for 2017. These accounts are sorted by the banks that offer them. We also differentiate between conventional and Islamic accounts. Use this list to find the savings accounts in Malaysia with the highest interest rates.

Savings accounts in Malaysia

HSBC HSBC Basic Savings 0.25%
UOB UOB FunSavers account 3.05%
UOB UOB Passbook Savings Account 1.00%
UOB UOB Saving Plus 1.00%
UOB UOB Basic Savings Account 0.55%
UOB UOB eAccount 0.05%
RHB RHB Junior Savings Account 3.17%
RHB RHB MaxSave Account 2.01%
RHB RBS Basic Savings Account 1.00%
RHB RHB Passbook Savings Account 1.00%
RHB RHB Statement Savings Account 1.00%
RHB RHB MySave Account 0.60%
RHB RHB Basic Savings Account 0.28%
AmBank AmBank AmGenius 2.95%
AmBank AmBank Basic Savings Account 1.20%
AmBank AmBank Everyday Savings Account 1.00%
AmBank AmBank Islamic Akaun-i Family Special Savings 0.25%
AmBank AmBank Family Special Savings Account 0.20%
AmBank AmBank Savers’ G.A.N.G 0.20%
Hong Leong Bank Hong Leong Junior Savings Account 2.80%
Hong Leong Bank Hong Leong Premium Savings Account 2.15%
Hong Leong Bank Mach Dream Jar Savings Account 2.00%
Hong Leong Bank Hong Leong Senior Savers Savings Account 1.40%
Hong Leong Bank Hong Leong Basic Savings Account 0.40%
BSN BSN SEDAR Account 2.50%
BSN BSN GIRO eSaver 2.00%
BSN BSN Basic Savings Account 0.95%
Alliance Bank Alliance Bank Alliance My eSaving Account 1.75%
Alliance Bank Alliance Islamic Bank Alliance My eSaving Account 1.75%
Alliance Bank Alliance Bank Alliance Buddy 1.40%
Alliance Bank Alliance Bank Alliance Senior Savers 1.20%
Alliance Bank Alliance Bank Savings Account 1.00%
Alliance Bank Alliance Bank Basic Savings Account 1.00%
OCBC OCBC MoneyMax Account 0.95%
OCBC OCBC Basic Savings Account (Easi-Save) 0.25%
Standard Chartered Standard Chartered JustOne Priority Savings Account 1.00%
Standard Chartered Standard Chartered JustOne Preferred Savings Account 0.50%
Standard Chartered Standard Chartered JustOne Personal Savings Account 0.25%
Standard Chartered Standard Chartered Basic Savings Account 0.25%
Affin Bank AFFINBANK AffinGOLD 2.80%
Affin Bank AFFINBANK Saving Account 2.65%
Affin Bank AFFINBANK Affin Plus 2.60%
Affin Bank AFFINBANK Junior Saver 2.40%
Maybank Maybank Yippie Savings Account 2.97%
Maybank Maybank imteen Account 2.97%
Maybank Maybank Maybank2u Savers 2.22%
Maybank Maybank Golden Savers Savings Account 1.76%
Maybank Maybank Basic Savings Account 1.30%
Maybank Maybank Kawanku Savings Account 1.20%
Public Bank Public Bank WISE Savings Account 2.95%
Public Bank Public Bank Young Achiever Savings Account 1.00%
Public Bank Public Bank PLUS Savings Account 1.00%
Public Bank Public Bank Basic Savings Account 0.55%
Public Bank Public Bank PB Bright Star Savings Account 0.70%
Public Bank Public Bank PB SaveLink Account 0.70%
Public Bank Public Bank 50 PLUS Savings Account 1.26%
OCBC OCBC Young Savers Account 2.65%
Bank Mualamat Bank Muamalat Basic Savings Account 0.75%
CIMB CIMB AirAsia Savers Account 1.00%
CIMB CIMB Prime Savings Account 0.60%
CIMB CIMB Regular Savings Account 0.80%
CIMB CIMB Basic Savings Account 0.45%
CIMB CIMB Kwik Account 0.00%
Citibank Citi Basic Savings Account 1.00%

For savings accounts, there is a lot of choice in Malaysia. Most banks offer a wide range of savings accounts, depending on different preferences. For example, a teenager’s first savings account might have different benefits than a savings account designed for people in retirement. Higher interest savings accounts are typically harder to obtain and require higher deposits than lower interest rate accounts. However, the lower interest on some savings accounts might be offset by specific benefits. Low-interest rate savings accounts are generally easy to apply for and quick to use, while higher interest rate accounts typically have a more thorough application process and higher deposit requirements.

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For example, the CIMB Kwik account has a 0% interest rate but is extremely easy to apply to, you can handle everything online.

Use the rates listed here as a general guideline, but make sure you are aware of all the terms and conditions for each savings account. Next to traditional savings accounts, there is also a variety of Islamic savings accounts that you can choose from:

Islamic Savings Accounts in Malaysia

HSBC Amanah HSBC Amanah Basic Savings Account-i 0.25%
AmIslamic AmBank Islamic Basic Savings Account-i 1.00%
AmIslamic AmBank Islamic Savers’ G.A.N.G Account-i 0.20%
Hong Leong Islamic Hong Leong Islamic Junior Savings Account -i 2.80%
Hong Leong Islamic Hong Leong Islamic Multi-Tier savings account -i 1.00%
Hong Leong Islamic Hong Leong Islamic Bank Basic Savings Account-i 0.40%
BSN Islamic BSN GIRO-i Savings Account-i 1.06%
BSN Islamic BSN Basic Savings Account-i 0.95%
BSN Islamic BSN GIRO-i eSaver 0.85%
Alliance Islamic Alliance Islamic Bank Alliance Junior Smart Saver-i 1.50%
Alliance Islamic Alliance Islamic Bank Savings Account-i 1.00%
Alliance Islamic Alliance Islamic Bank Basic Savings Account-i 1.00%
Affin Islamic Bank AFFIN ISLAMIC Wealth Saver-i 3.18%
Affin Islamic Bank AFFIN ISLAMIC AFFINGOLD-i 3.15%
Affin Islamic Bank AFFIN ISLAMIC Junior Saver-i 3.08%
Affin Islamic Bank AFFIN ISLAMIC Affin Barakah Charity Account-i 2.20%
Affin Islamic Bank AFFIN ISLAMIC Savings Account-i 2.05%
Bank Rakyat Bank Rakyat Basic Savings Account-i Adult 3.00%
Bank Rakyat Bank Rakyat Basic Savings Account-i Teenager 3.00%
Bank Rakyat Bank Rakyat Basic Savings Account-i Nuri 0.75%
Maybank Islamic Maybank Islamic Yippie-i Savings Account 3.05%
Maybank Islamic Maybank Islamic Imteen-i Account 3.05%
Maybank Islamic Maybank Islamic Golden Savers Savings Account-i 2.70%
Maybank Islamic Maybank Maybank2u Savers-i 2.20%
Maybank Islamic Maybank Islamic Basic Savings Account-i 1.75%
Maybank Islamic Maybank Islamic Savings Account-i 0.40%
Public Islamic Bank Public Islamic Bank Basic Wadiah Savings Account-i 0.60%
Public Islamic Bank Public Islamic Bank Bestari Savings Account-i 1.01%
Bank Mualamat Islamic Bank Muamalat Al-Mudharabah Savings Account 2.00%
Bank Mualamat Islamic Bank Muamalat BeeSTAR-i Savings Account 2.00%
Kuwait Finance House Kuwait Finance House Basic Savings Account-i 1.50%
Asian Finance Bank Asian Finance Bank Mudharabah Savings Account-i 1.05%
Asian Finance Bank Asian Finance Bank Basic Savings Account-i 0.00%
CIMB Islamic CIMB Islamic Basic Savings Account-i 0.75%
CIMB Islamic CIMB Islamic EcoSave Savings Account-i 0.94%
CIMB Islamic CIMB Islamic Wadiah Savings Account-i 0.90%

The Islamic savings accounts in Malaysia, grant you a Sharia-compliant alternative to traditional savings accounts. These accounts don’t give out interest, but instead, aim to generate profit through the undertaking of Sharia-compliant activities.

Both traditional and Islamic savings accounts vary a lot in terms of features and benefits. For example, there are specific savings accounts for children and accounts for retirees and college students. Use this list to find and compare the best savings accounts in Malaysia in 2017. Apart from savings accounts, you can use our site to compare personal loans and credit cards for a wide range of banks.

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